PHIT Act of 2023

The PHIT Act of 2023, also known as Bill 118 hr 1582, is a piece of legislation currently being considered by the US Congress. The PHIT Act stands for Personal Health Investment Today Act and aims to make it easier for Americans to invest in their health and wellness by allowing them to use pre-tax dollars to pay for certain physical activities and fitness expenses.

Under the PHIT Act, individuals would be able to use funds from their pre-tax health savings accounts (HSAs) and flexible spending accounts (FSAs) to cover expenses related to physical activities such as gym memberships, fitness classes, sports equipment, and youth sports leagues. This would provide a financial incentive for individuals to prioritize their health and engage in regular physical activity.

Supporters of the PHIT Act argue that it would help reduce healthcare costs in the long run by encouraging preventative measures and promoting overall wellness. They also believe that it would make fitness more accessible and affordable for all Americans, regardless of income level. Opponents of the PHIT Act raise concerns about the potential loss of tax revenue and the impact on the federal budget. They also question whether the legislation would disproportionately benefit higher-income individuals who are more likely to have HSAs and FSAs. Overall, the PHIT Act of 2023 is a bipartisan effort to promote healthy lifestyles and make it easier for Americans to invest in their physical well-being. It remains to be seen whether the bill will garner enough support to pass through Congress and become law.